国际财务管理课后习题答案4【实用文档】doc文档可直接使用可编辑，欢迎下载CＨＡPＴER1GLOＢALＩＺATＩＯNＡＮDＴＨＥMULTINATIONAＬFIRＭＳUGGESＴＥDAＮSWERSTOEND—OＦ－CHＡＰTERＱUESTＩOＮＳQUESTIONSﻩ1.Whyｉsｉtimpｏrｔａｎttｏsｔudyｉnｔerｎaｔionａlｆiｎancialmanａgement？Answｅr：Ｗeaｒenowlivｉｎgiｎawoｒldwhｅｒeallｔｈeｍajoreconoｍicfunｃｔions，i。ｅ．，consｕmpｔｉｏｎ，ｐroductiｏｎ,aｎdiｎvｅstｍｅnｔ，areｈiｇhlyglｏbalized。Ｉtisthuｓｅssentialforfｉnaｎciａｌｍaｎａgｅrstｏfullyundｅrｓtaｎdｖｉｔalｉnｔｅrnaｔioｎaldimensｉoｎsoffinancialmanagement．Thisgloｂａlshiftisｉnｍarkedｃontrastｔoａsituationthatexiｓtedwhentheauthorsofｔhｉsbookｗｅrｅlearｎｉngfinａnｃｅｓomｅtwenｔyyearsago．Aｔtｈattimｅ，moｓtprofessorsｃuｓtoｍarilｙ(ａnｄｓafely，tosoｍeexｔenｔ）ｉgnoredinterｎaｔiｏnalaspectsofｆinａncｅ.Thismodeofoperationhasbecomｅuntｅnablesｉncetｈｅn。Howisintｅrnationalfinancialmanagementdｉｆferentfromdomesticfｉnanciａlmａnagemｅnt？Ａｎｓweｒ：Theｒeａretｈreeｍajordimｅnｓiｏnｓｔhａtsｅtaparｔinｔerｎationalfinanceｆｒｏｍdomesticfiｎanｃｅ.Thｅyａrｅ:1.ｆoｒeｉｇnexchａngｅaｎdｐolitｉcalｒiskｓ，2．markｅtiｍpeｒfｅcｔｉons，ａｎd3.expandｅｄoppｏrtunityset.3．Dｉsｃusｓthethreeｍａjortrendsthathａvｅprevａiｌediｎｉｎteｒnatioｎalbusiｎesｓｄｕriｎgｔhelａsttwoｄecadｅs。Ａｎswer:The19８０sbｒouｇｈtａｒapidiｎteｇraｔiｏnofinternａｔiｏnａｌcaｐitalａndｆinancialｍａrketｓ．Impｅtusforglobａｌｉzedfinaｎｃｉalmarketsinitiallycａmeｆrｏmthegｏvｅrnmeｎtsoｆmａjorcountriｅｓthathadbｅgｕntｏderｅgulatｅｔhｅｉｒｆｏreｉgnexcｈangｅandcａｐitａｌｍａｒkets.Ｔhｅeconomｉcｉntegrａｔｉonandglobａlizaｔiontｈａtbeganintｈｅeightiesｉspiｃkingupspeｅdｉntｈｅ1990sviaｐrｉｖaｔizatiｏn。Pｒiｖaｔｉzationistheprocessｂywhichacｏunｔrydiｖeｓｔsitselfoftｈｅownershipａｎdoperatｉｏｎofａbusiｎesｓvenｔureｂyturｎinｇitovertothｅfreemａrkｅtsｙsteｍ.Lasｔlｙ，tradｅliｂeｒａliｚatioｎaｎｄecｏnomiciｎteｇｒatiｏｎcontｉnueｄtｏprｏｃeeｄaｔboｔhtｈeregionaｌａndgloballevｅls．ﻬ4.Ｈowｉsacｏuntry'ｓｅconｏmicwell－beiｎgenhanceｄtｈｒougｈｆrｅeｉnternａtioｎａltrａdｅiｎgooｄsandserｖices?Ａnswer：ＡcｃorｄinｇtoDavidRicａrdo,ｗithfｒeeｉnteｒnaｔionaltrａde，ｉtｉsmuｔｕallybｅnｅficialfortｗocouｎｔｒｉestoｅachｓpecｉaｌｉzｅinthepｒｏduｃｔｉｏｎofthegooｄsthａtｉtcanｐroducerｅlativeｌｙｍosｔｅfficientlyａndthentradｅthｏseｇoods.Bｙｄoiｎgso,tｈｅtwocounｔｒieｓcaｎiｎcreasetｈeircoｍbiｎedprodｕcｔion,whｉｃhaｌｌｏwsbothｃountｒiｅstocｏnsu